"The Playboy Mansion is one of the most iconic properties in the world and the crown jewel of Holmby Hills and the platinum triangle," Metropoulos said in a statement. "For the last 45 years, Mr. Hefner has imbued the estate with a rich and storied legacy. The property's heritage is not only that of a famous address; it is a true masterpiece in design, constructed by a noted architect for a family who played an important role in the development of Los Angeles in the early 20th Century."

Hefner’s five-acre home in Holmby Hills, California, went on the market with an asking price of $200 million back in January, and it was noted that no matter who purchased the party palace, the magazine publisher and founder of Playboy Enterprises, 90, would continue to live there until his death.

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"The Playboy Mansion has been a creative center for Hef as his residence and workplace for the past 40 years, as it will continue to be if the property is sold," Playboy Enterprises CEO Scott Flanders said in a statement in January.

The mansion includes 29 rooms, a wine cellar, home theater, gym, tennis court, catering kitchen, a freeform swimming pool along with a separate game house.

In 2009, 33-year-old Metropoulos, who is the son of billionaire businessman C. Dean Metropoulos, acquired the sister house next door, which was built two years after the Mansion in 1929. Since then, he has embarked on a significant restoration, making substantial improvements to the property’s formal gardens and expansive grounds, which are adjacent to the Los Angeles Country Club and include the original gate that connects to the Playboy Mansion.

After Hefner's tenancy ends, Metropoulos plans to reconnect the two estates, ultimately returning the combined 7.3-acre compound to the original vision executed by architect Arthur R. Kelly and its first owner, Arthur Letts, Jr., the department store heir whose father conceived and developed Holmby Hills when it was the Wolfskill Ranch.

"I feel fortunate and privileged to now own a one-of-a-kind piece of history and art," Metropoulos added. "I look forward to eventually rejoining the two estates and enjoying this beautiful property as my private residence for years to come."